UniSuper Management Pty Ltd Acquires 421,084 Shares of Targa Resources, Inc. $TRGP

UniSuper Management Pty Ltd increased its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 1,811.0% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 444,335 shares of the pipeline company’s stock after purchasing an additional 421,084 shares during the quarter. UniSuper Management Pty Ltd’s holdings in Targa Resources were worth $81,980,000 as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of the business. Vanguard Group Inc. increased its stake in Targa Resources by 1.5% during the 3rd quarter. Vanguard Group Inc. now owns 28,382,289 shares of the pipeline company’s stock worth $4,755,169,000 after purchasing an additional 422,075 shares in the last quarter. Wellington Management Group LLP increased its stake in Targa Resources by 9.0% during the 3rd quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company’s stock worth $3,291,012,000 after purchasing an additional 1,620,253 shares in the last quarter. Geode Capital Management LLC increased its stake in Targa Resources by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company’s stock worth $1,078,497,000 after purchasing an additional 45,495 shares in the last quarter. Norges Bank bought a new stake in Targa Resources during the 4th quarter worth approximately $735,758,000. Finally, Goldman Sachs Group Inc. increased its stake in Targa Resources by 48.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company’s stock worth $607,023,000 after purchasing an additional 1,075,246 shares in the last quarter. 92.13% of the stock is owned by institutional investors.

Analyst Ratings Changes

TRGP has been the subject of a number of research reports. Wells Fargo & Company increased their target price on Targa Resources from $264.00 to $270.00 and gave the stock an “overweight” rating in a research note on Friday, May 8th. TD Cowen increased their target price on Targa Resources from $236.00 to $245.00 and gave the stock a “hold” rating in a research note on Monday, May 11th. Mizuho increased their target price on Targa Resources from $260.00 to $300.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 27th. US Capital Advisors downgraded Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, May 29th. Finally, Citigroup reaffirmed a “buy” rating on shares of Targa Resources in a research report on Wednesday, May 27th. Fifteen equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $269.21.

Targa Resources Trading Down 1.2%

NYSE:TRGP opened at $269.31 on Friday. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $280.00. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64. The business has a 50 day moving average price of $254.88 and a two-hundred day moving average price of $222.52. The company has a market cap of $57.80 billion, a P/E ratio of 27.23, a price-to-earnings-growth ratio of 1.39 and a beta of 0.72.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The firm had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.68 billion. As a group, analysts expect that Targa Resources, Inc. will post 10.75 EPS for the current fiscal year.

Targa Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Thursday, April 30th were given a dividend of $1.25 per share. This is an increase from Targa Resources’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend was Thursday, April 30th. This represents a $5.00 dividend on an annualized basis and a yield of 1.9%. Targa Resources’s payout ratio is currently 50.56%.

Insiders Place Their Bets

In other news, Director Charles R. Crisp sold 10,602 shares of the stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total value of $2,713,687.92. Following the completion of the sale, the director owned 66,492 shares of the company’s stock, valued at approximately $17,019,292.32. This represents a 13.75% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.37% of the stock is currently owned by company insiders.

About Targa Resources

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.